EWI ETF: What Is It? A Complete Guide to Returns, Expense Ratio, Holdings and Alternative ETFs
The iShares MSCI Italy ETF is a passive country fund that diversifies across the Italian stock market, offering single-country European exposure and dividends. Key points to check are the expense ratio, currency exposure, and sector concentration, and comparison with other European ETFs is the main selection criterion. The trading ticker is EWI.
SubscribeWhat Is the iShares MSCI Italy ETF?
It is a passive country ETF that tracks an index of large- and mid-cap Italian stocks. It diversifies across the broad Italian market, which has heavy weightings in financials, utilities, and energy.
It suits country-diversification investors who want exposure to Italian equities and are willing to accept single-country concentration and currency risk.
It is an ETF managed by iShares using a passive (index-tracking) approach.
How Does the iShares MSCI Italy ETF Invest?
| Item | Details |
|---|---|
| Tracked Index | MSCI Italy Index |
| Management Style | Passive (index tracking) |
| Rebalancing Frequency | Periodic (per index rules) |
| Dividend Frequency | Semiannual dividends |
| Expense Ratio | 0.50% |
The fund tracks an index of large- and mid-cap Italian stocks by market capitalization weight, while capping the weight of individual holdings. The Italian market has heavy weightings in financials, utilities, and energy, so the performance of these sectors has a large impact on results.
- Country exposure diversified across the Italian stock market
- Reflects the market's focus on financials and utilities
iShares MSCI Italy ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $1.2B, and the Expense Ratio is 0.50% per year.
Unlike broad European ETFs, it is concentrated in a single country, so it is strongly affected by the Italian economy, Italian fiscal conditions, and the euro exchange rate.
iShares MSCI Italy ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeThe Italian stock market is influenced by the European economy, interest rate policy, Italian fiscal conditions, and the euro exchange rate. It can perform well during a European economic recovery or a rally in financial stocks, but volatility can rise during periods of fiscal uncertainty or a European economic slowdown.
Inflows tend to arrive when interest in European equities and Italy is rising, and money can leave quickly when fiscal concerns or risk aversion intensify.
iShares MSCI Italy ETF Strengths and Weaknesses
Its strength is easy diversification across the Italian stock market, while its weaknesses are single-country concentration, sector concentration, and currency exposure.
💪 Key Strengths
⚠️ Points to Watch
Alternative ETFs and Related Products to the iShares MSCI Italy ETF
EWU, EWL, and EWG, which appear in the table, are single-country European ETFs covering the United Kingdom, Switzerland, and Germany. To invest more broadly in Europe, you can also compare EZU for eurozone large caps, VGK for all of Europe, and FEZ for eurozone large caps. They differ in country composition, currency exposure, and expense ratio, so it is best to choose according to your investment goals.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 EWC | iShares MSCI Canada ETF | $60.86 | +0.3% | $7.5B | 0.50% | 1.23% | +19.7% |
 EWU | iShares MSCI United Kingdom ETF | $47.61 | +0.2% | $3.7B | 0.50% | 3.14% | +11.3% |
 EWL | iShares MSCI Switzerland ETF | $62.92 | -0.2% | $2.9B | 0.50% | 1.73% | +10.2% |
 EWP | iShares MSCI Spain ETF | $57.24 | -0.4% | $2.0B | 0.50% | 2.91% | +15.2% |
 EWG | iShares MSCI Germany ETF | $41.24 | +0.7% | $1.5B | 0.49% | 2.02% | -0.8% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| RACE | Ferrari NV | 0.14% | $392.94 | -0.1% | $62.6B | 36.5 | 1.13% |
| E | Eni Spa ADR | 0.16% | $60.55 | -2.5% | $88.2B | 10.2 | 4.64% |
 STLA | Stellantis N.V | 0.05% | $4.08 | +0.5% | $11.8B | - | 0.31% |
| TS | Tenaris SA ADR | 0.04% | $59.31 | +1.9% | $31.8B | 15.8 | 4.22% |
iShares MSCI Italy ETF Investor Checkpoints
Here are the points to review before investing in EWI. As an Italy country ETF, it is important to check sector concentration, fiscal risk, currency exposure, and expense level in advance.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check the fees of a single-country ETF | Needs checking |
| 🏦 Sector Concentration | Check concentration in financials and utilities | Concentrated |
| ⚠️ Fiscal Risk | Check Italian fiscal conditions | Needs checking |
| 💱 Currency | Check the impact of euro exchange rate changes | Not hedged |
Because it is concentrated in a single country, it depends heavily on the Italian economy, Italian public finances, and the European economic cycle, and its concentration in financials and utilities can increase volatility when those sectors struggle. Investors holding Korean won also bear euro exchange rate fluctuations.
It is a passive ETF suited to country-diversification investors who want exposure to Italian equities. To broaden diversification across Europe, a European ETF may be the alternative, while EWI may be the choice for those who want to focus on Italy.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 4, 2026.
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